Report Overview

The rapid economic development and urbanization across the country and a growing emphasis on sustainability and energy efficiency are expected to boost the growth of Vietnam Facility Management Market during the forecast period between 2024 and 2030.

Vietnam Facility Management Market - Industry Trends & Forecast Report, 2030

Vietnam Facility Management Market size was estimated to be worth USD 275.19 million in 2023. During the forecast period between 2024 and 2030, the Vietnam Facility Management Market size is projected to grow at a CAGR of 5.09%, reaching a value of USD 348.34 million by 2030. Major growth factors for the Vietnam Facility Management Market include expanding construction activities and rising demand for improved working environments for higher productivity and satisfaction. In addition, the increasing adoption of advanced monitoring tools and cloud-based solutions is anticipated to provide lucrative growth opportunities to the Vietnam Facility Management Market during the period in analysis.

Facility Management – Overview

Facility management encompasses operations, communications, security, and other aspects of managing a working or living environment. The term 'environment’ here refers to functions of infrastructure, real estate, buildings, and grounds. The facility management services provided fall under several subcategories depending on their work type. The subsegments are known as hard services and soft services. A hard service is a line of work that involves managing physical assets, while a soft service involves a set of duties performed by other people regularly.

Vietnam Facility Management Market

Growth Drivers

Rising Demand for Cloud-based Facility Management Solutions

Vietnam Facility Management Market is witnessing substantial rise in the demand for cloud-based facility management solutions. Cloud-based facility management solutions allows real-time data collection and track maintenance of operations. A cloud-based maintenance management system monitors maintenance plans and provides vital asset data instantly to assist in detecting problems before they result in broken equipment, lost production, and costly repair costs. Cloud-based facility management software facilitates real-time cooperation among maintenance teams by enabling numerous users to access and update information simultaneously. This enhances communication and improves the efficiency of daily operations.

Challenges

Shortage of Skilled Labor and Workforce

The rising demand for facility management services in Vietnam is limited by the lack of skilled labor and technical experts to efficiency operation and maintain these solutions. This has slowed down the adoption of these services among major end users, including large enterprises and public sector. In addition, the country lacks the executive-level technology skill sets and managerial backgrounds that large organizations require to handle complicated facility management systems. These concerns related to the availability of technical expertise are projected to limit the growth of the Vietnam Facility Management Market.

Vietnam Facility Management Market

Segmental Coverage

Vietnam Facility Management Market – By Type

Based on type, the Vietnam Facility Management Market is segmented into in-house facility management and outsourced facility management. The outsourced facility management service is further divided into single FM, bundled FM, and integrated FM. The in-house facility management segment holds the largest share in the Vietnam Facility Management Market. The organized sector has a significant demand for in-house soft services like cleaning, security, and post-management. As these services are needed on a regular basis, in-house services are the most practical and cost-effective option over the long term.

Vietnam Facility Management Market – By Service Type

Based on service type, the Vietnam Facility Management Market is divided into hard facility management, soft facility management, and other segments. The hard facility management segment accounts for the highest market share in the market by service type. These services include fire safety systems, building maintenance work, HVAC systems, gas, plumbing, and heating. The increasing construction of commercial and industrial facilities in Vietnam for infrastructure development and economic growth is boosting the demand for hard facility management services in the country.

Vietnam Facility Management Market – By End User

Based on end users, the Vietnam Facility Management Market is segmented into commercial, institutional, public/infrastructure, industrial, and others. The public/infrastructure segment dominates the Vietnam Facility Management Market. Facility management services have a high demand among public institutions, such as schools and hospitals, to ensure the safety and functionality of these spaces. In addition, stringent government regulations and rising investment in modernizing public infrastructure are also projected to drive the Vietnam Facility Management Market over the forecast period.

Competitive Landscape

Major players operating in the Vietnam Facility Management Market include CBRE Group Inc., Jones Lang LaSalle Incorporated, RCR Vietnam, Sodexo Inc., ADEN Vietnam, ATALIAN Global Services, AEON Delight, PMC, and P. Dussmann Co. Ltd.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Inhouse Facility Management

• Outsourced Facility Management

1. Single Facility Management

2. Bundled Facility Management

3. Integrated Facility Management

By Service Type

• Hard Facility Management

• Soft Facility Management

• Others

By End User

• Commercial

• Institutional

• Public/Infrastructure

• Industrial

• Others